{"id":221308,"date":"2022-07-14T16:35:53","date_gmt":"2022-07-14T21:35:53","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=221308"},"modified":"2022-07-14T16:56:24","modified_gmt":"2022-07-14T21:56:24","slug":"mgm-discussed-acquisition-of-genting-singapore-with-lim-family","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/","title":{"rendered":"MGM Reportedly Mulled Genting Singapore Acquisition"},"content":{"rendered":"

Genting Singapore could be on the auction block, and the gaming company is reportedly attracting interest from some of the industry\u2019s heavy hitters, including MGM Resorts International (NYSE:MGM).<\/p>\n

\"Genting
An entry to Resorts World Sentosa. MGM reportedly talked to Genting Singapore about acquiring the venue. (Image: Genting Singapore)<\/figcaption><\/figure>\n

Citing unidentified sources familiar with the matter, a Bloomberg<\/em> article published earlier today reports the Bellagio operator held talks with the Lim family. They control the sprawling Genting empire. Genting Singapore operates Resorts World Sentosa — one of two integrated resorts in the city-state. The other is Marina Bay Sands<\/a>, which is owned by Las Vegas Sands (NYSE:LVS).<\/p>\n

The sources cited by Bloomberg <\/em>say that talks between MGM and the Lims didn\u2019t produce a pact. The story added that other, unnamed suitors are in early-stage discussions about acquiring the Singapore casino-resort.<\/strong><\/p>\n

Genting Singapore is a unit of Genting Berhad, a Malaysian conglomerate that owns and operates casinos in the Bahamas, Malaysia, the Philippines, Singapore, and the US, among other business interests. The company\u2019s US venues are Resorts World Las Vegas<\/a>, Resorts World Catskills, and Resorts World New York City. The Lims own 53% of the Singapore venue.<\/p>\n

Genting Singapore Desirable for MGM<\/h2>\n

For any operator, Genting Singapore is a potentially coveted venue. That’s because, relative to other Asian gaming markets, such as Macau, the city-state is learning to deal with COVID-19 and is more open to international tourists than other countries in the region.<\/p>\n

Additionally, the duopoly in Singapore is a favorable trait as well. Genting and Sands have a multi-decade agreement with the government there that limits the amount of gaming properties to the existing two. That means a prospective buyer of the Genting venue only needs to compete with Marina Bay Sands.<\/p>\n

\n

As for affordability, Genting Singapore\u2019s market value is $6.4 billion, making it easily affordable for any number of suitors, including casino operators and private equity companies. For its part, MGM had $3.21 billion in cash on hand at the end of the first quarter, according to MacroTrends. The Mandalay Bay operator previously offered $11.06 billion for Entain<\/a>, indicating it has some appetite for large-scale acquisitions.<\/p>\n<\/div>\n

Adding Singapore to its portfolio would offset some of the risk MGM is dealing with in Macau<\/a>, where casinos are again temporarily shuttered because of an outbreak of COVID-19 cases. The company owns almost 56% of MGM China, which runs two Macau venues.<\/p>\n

Other Potential Suitors for Genting Singapore<\/h2>\n

As noted above, the Bloomberg<\/em> article doesn\u2019t mention other companies by name that are mulling bids for Genting Singapore. Nor is it clear where things stand with MGM.<\/p>\n

By process of deduction, Las Vegas Sands is out because of its established Singapore footprint. If history is an accurate guide, Wynn Resorts (NASDAQ:WYNN) could be an ideal suitor for Genting Singapore. In 2011, founder Steve Wynn said he\u2019s \u201cdying\u201d to build a gaming venue in Singapore.<\/strong><\/p>\n

He\u2019s no longer with the company. But the city-state could be an attractive destination for Wynn Resorts, as it looks to decrease its dependence on its two Macau properties.<\/p>\n

Owing to its debt burden and focus on the US, Caesars Entertainment (NASDAQ:CZR)<\/a> makes for an unlikely buyer of Genting Singapore. However, several cash-rich, gaming-asset-hungry private equity companies can easily afford to purchase the property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Singapore could be on the auction block, and the gaming company is reportedly attracting interest from some of the industry\u2019s heavy hitters, including MGM Resorts International (NYSE:MGM). Citing unidentified sources familiar with the matter, a Bloomberg article published earlier today reports the Bellagio operator held talks with the Lim family. They control the sprawling […]<\/p>\n","protected":false},"author":46,"featured_media":221311,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,1],"tags":[],"acf":[],"yoast_head":"\nMGM Discussed Acquisition Of Genting Singapore With Lim Family<\/title>\n<meta name=\"description\" content=\"Genting Singapore could be for sale and MGM may have been interested buyer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Discussed Acquisition Of Genting Singapore With Lim Family\" \/>\n<meta property=\"og:description\" content=\"Genting Singapore could be for sale and MGM may have been interested buyer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-14T21:35:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-14T21:56:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/RWS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/\",\"name\":\"MGM Discussed Acquisition Of Genting Singapore With Lim Family\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/RWS.jpg\",\"datePublished\":\"2022-07-14T21:35:53+00:00\",\"dateModified\":\"2022-07-14T21:56:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Genting Singapore could be for sale and MGM may have been interested buyer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-discussed-acquisition-of-genting-singapore-with-lim-family\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/RWS.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/07\/RWS.jpg\",\"width\":1200,\"height\":800,\"caption\":\"An entry to Resorts World Sentosa. 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